Posted by
Defend America on Friday, April 23, 2010 6:29:47 PM
April 23, 2010 4:00 A.M.
Goldman Sachs and the Left
An impressionistic study in cronyism.
President
Obama
was in the Big Apple on Thursday, for another lecture on big, bad Wall
Street. The dutiful, third-row appearance by Lloyd Blankfein, Goldman
Sachs’s CEO, said it all: More than any other firm, Goldman is
confident in its ability to cozy up to the Democrats that regulate it,
and to favorably shape the current congressional negotiations on
financial reform.
“They’ve been wired through the Clinton
years, the Bush years, and before that, they have a lot of heavy
hitters,” Rep. Peter DeFazio (D., Ore.) tells us. “They’re well
connected. . . . They’re aggressive.” DeFazio, along with Rep. Elijah
Cummings (D., Md.), urged the Securities and Exchange Commission this
week to widen its current investigation of the firm to include
securities underwritten by Goldman and backed by American International
Group, the bailed-out insurer, to probe for “fraudulent conduct” and
“ill-gotten gains.”
“From the beginning, I’ve thought that the deal Goldman Sachs got via
Treasury Secretary Tim Geithner on their bad bets through AIG kind of
stunk,” DeFazio says. “They got $13 billion from AIG last year. I’m
looking for any legal way to recoup that money for the people of the
United States.”
With former senior aides to Obama, Rep. Barney
Frank (D., Mass.), the chairman of the House Financial Services
Committee, and other Democrats on its payroll, Goldman isn’t fretting
about DeFazio and company. As Timothy Carney of the
Washington Examiner reports,
four of the five in-house lobbyists at Goldman were Democratic staffers
on Capitol Hill, with the remaining one a contributor to Hillary
Clinton’s presidential campaign. Directing Goldman’s Washington shop is
Michael Paese, Frank’s former go-to committee staffer, who had
responsibility for committee policy related to the banking, securities,
and insurance industries. One of Paese’s deputies is Ken Connolly, a
veteran of the Senate Environment and Public Works Committee. And this
week, Paese’s bosses enlisted Greg Craig, Obama’s former White House
counsel, through the law firm Skadden Arps, just days after Goldman was
charged with fraud by the SEC.
http://article.nationalreview.com/432367/goldman-sachs-and-the-left/robert-costa